3255 Fortune Drive

Overview

3255 Fortune Dr. – North Charleston, SC 29418

Industrial

± 30,000 SF Total

Landlord Representation (Sale and Lease)

Provided guidance for two consecutive owners of the property including disposition services, asset repositioning, and leasing.

Contact Information

Jon-Michael Brock
Vice President
(843) 203-1056
JMBrock@Lee-Associates.com

Owner #1 - Sale

Ownership of 3255 Fortune was facing some tough questions in 2021 as the COVID-19 pandemic was in full swing. Stay in business and try to navigate uncertain waters? Or shutter and sell? They choose the latter and contacted Jon-Michael Brock for assistance. Jon-Michael and Thomas Fawcett developed 4 plans of action for the property:

  • Sale-Leaseback – pull equity out of the building by selling and save business costs by leasing
  • Sell & Vacate
  • Lease & Landlord
  • Lease & Sell
  • The owner eventually decided to sell and liquidate, and Lee & Associates successfully listed and sold the property to a value-add investor.

Owner #2 - Lease

The value-add investor that purchased the property retained Lee & Associates to lease the building. With Jon-Michael and Thomas’ guidance, new ownership implemented a variety of valuable renovations including new paint, landscaping, signage, lighting, and office buildout. Due to low market vacancy and high warehouse demand, Lee & Associates was able to draw tenants from newer, larger buildings and bring them to 3255 Fortune Drive. This allowed the landlord to lease the building in a shorter amount of time, while also acheiving higher rents.

The Outcome

Jon-Michael and Thomas cultivated relationships surrounding this property for several years, and through dedicated partnership and extensive market knowledge, they were able to sell the asset, retain the assignment, and fully lease the property.

Contact Information

Jon-Michael Brock
Vice President
(843) 203-1056
JMBrock@Lee-Associates.com

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